AXP Gets A Slew Of Price Target Cuts Ahead Of Q3 Report This Month – Latest Targets Still Show Room For Upside

According to TheFly, Barclays lowered its AXP price target to $342 from $364 while maintaining an 'Equal Weight' rating.

• UBS has reduced its price target on the stock to $345 from $384 and keeps a ‘Neutral’ rating.
• Last week, Evercore ISI cut its AXP price target to $320 from $370 while expecting 'relatively solid' Q3 results across regional banks and specialty financial names.
• American Express recently launched the next generation of Amex Corporate with Corporate Cashback Cards, expense-management software, a mobile app and AI capabilities.

American Express (AXP) heads into third-quarter earnings with Barclays reportedly seeing a strong consumer and favorable lending outlook, as intra-quarter data and management commentary point to a healthy consumer and lending environment.

AXP shares traded marginally higher in Monday’s pre-market trade, near the $303 mark, at the time of writing.

Barclays Trims Price Target Ahead Of Q3

According to TheFly, Barclays lowered its price target on American Express to $342 from $364 while maintaining an 'Equal Weight' rating on the shares as part of its third-quarter (Q3) earnings preview for the consumer finance group.

The firm said valuations in the group have pulled back amid inflation and AI-related concerns. Barclays also lowered estimates for mortgage finance companies, citing higher mortgage rates and a weaker origination backdrop.

Meanwhile, UBS has reduced its price target on the stock to $345 from $384 and keeps a ‘Neutral’ rating, per TheFly.

Analysts See Resilient Q3 Backdrop For Financials

Evercore ISI also expects 'relatively solid' Q3 results from regional banks and specialty financial names. The firm lowered its American Express price target to $320 from $370 while maintaining an 'In Line' rating, TheFly reported on Thursday.

Evercore said in its group preview that 'outlooks could hold up better than many fear.'

According to Koyfin data, 14 of 29 analysts covering AXP rate the stock 'Hold,' while 15 rate it 'Buy' or 'Strong Buy.'

Amex Expands Corporate Offering

American Express announced on Sept. 30 the launch of the next generation of Amex Corporate, bringing together new Corporate Cashback Cards, integrated Expense Management software and the Amex Expense mobile app.

The offering includes AI capabilities and planned AI agents and Accounts Payable workflows aimed at automating parts of expense and financial management. The new Expense Management software also provides finance teams with transaction data and personalized spending controls, while the mobile app can generate expense submissions as purchases are made.

Q3 Earnings In Focus

American Express is scheduled to report its third-quarter results on Oct. 23. According to Fiscal AI, analysts are estimating revenue of about $20.115 billion and adjusted earnings per share (EPS) of approximately $4.54 for the quarter.

In the second quarter, American Express reported EPS of $4.53 and revenue of $19.64 billion. EPS came in above Fiscal AI's $4.41 estimate, while revenue was slightly below its $19.70 billion estimate at the time.

How Do Retail Traders Feel About AXP?

Retail sentiment on Stocktwits remained 'Bullish' for AXP over the past 24 hours, while message volume was 'Normal' and the participation ratio was 'Extremely High'.

AXP shares have declined nearly 20% year-to-date.

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